Propertymark’s latest data indicates a temporary slowdown in demand within the residential sales sector. The number of new prospective buyers per branch spiked in January 2024 but has since levelled off, with fewer buyers registered in February 2024 than last year. Viewing numbers have also reached a plateau, remaining consistent with 2023 figures.
Despite a 3% drop in potential buyers, agents reported an 18% surge in new properties entering the market in February compared to January. Moreover, the average number of sales agreed per branch member rose by approximately 19% from January to February.
Further Reading: Is investing in property a good idea? Read our guide on building a property portfolio to determine whether this fits your investment strategy.
CEO of Propertymark, Nathan Emerson, had the following to say about the data: “Interest rates remain challenging, GDP has stagnated, and broader economic indicators, such as mortgage arrears, are trending upwards. However, there is light at the end of the tunnel, with inflation continuing to fall.
“In the residential sales sector, demand has temporarily slowed following the January post-Christmas bounce. On the supply side, our members are busy with new instructions, which is increasing stock levels. This imbalance may lead to further price corrections, but only in the short term. As we progress into March and beyond, the re-establishment of seasonal trends should result in positive progress in both the sales and lettings sectors.”
Find Out More: Looking to get started with long-term investments? Make sure you check out our article on the costs of buy-to-let!
